Thomas More University INC: Nonprofit Profile, Financials & Form 990 (EIN 61-0448560)

Revenue by fiscal year
FY2020	$54.1M
FY2021	$64.1M
FY2022	$65.9M
FY2023	$65.6M
FY2024	$57.6M
FY2025	$83.2M

Expenses by fiscal year
FY2020	$54.0M
FY2021	$54.1M
FY2022	$59.6M
FY2023	$60.1M
FY2024	$62.5M
FY2025	$67.8M

Net assets by fiscal year
FY2020	$40.4M
FY2021	$55.8M
FY2022	$57.3M
FY2023	$60.9M
FY2024	$57.0M
FY2025	$69.5M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1946.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

78 cents of each dollar spent went to programs.

78%

20%

Program services 78% · $53.1M Management & general 20% · $13.4M Fundraising 2% · $1.3M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

30 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Dr Joseph L Chillo

President

$508,170Pt VII · Sec A

Dr Kevin Reynolds

VP Institutional Advanceme

$175,192Pt VII · Sec A

Dr Jerome Langguth

VP & Chief Academic Office

$128,698Pt VII · Sec A

Dr Kelly French

VP Strategy & Impact

$118,394Pt VII · Sec A

Dr Bruce Rosenthal

Dean College of Business

$105,812Pt VII · Sec A

Dr Kim Haverkos

Asst. VP for Academic & Student Success

$103,777Pt VII · Sec A

Richard S Rollino

Executive VP & CFO (began 7/15/24)

$72,788Pt VII · Sec A

Charlene Barlow

Secretary/Assist to President (left 08/19/25)

$56,613Pt VII · Sec A

Dr Joseph L Chillo’s $508K as President is at the 89th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Dr Joseph L Chillo	$508,170	$476,833	$410,534	$324,158	$282,492	$178,288
Dr Kevin Reynolds	$175,192	$168,846	—	—	—	—
Dr Molly Smith	—	—	$165,465	$153,177	—	—
Dr Kevin P Reynolds	—	—	$149,399	$128,936	$109,690	—
Robert a Munson	—	—	—	—	$138,552	$119,579
Kathleen S Jagger	—	—	—	—	—	$135,214
Dr Jerome Langguth	$128,698	$122,988	$123,816	—	—	—
Mark Goshorn	—	$127,391	$116,489	$105,806	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes
Loans to or from officersSch L · Pt II1 listed

Programs and updates

Develops and sustains challenging academic programs rooted in Catholic intellectual tradition.

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1 program · $53.1M · in their own filed words · FY2024

01

For more than 100 years, thomas more has created a university for the student who wants to be more, do more, seek more, win more, achieve more, and create more. Since its founding in 1921, thomas more has provided a mission-driven, liberal arts education that is based in the catholic intellectual tradition.

$53.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2024

St Elizabeth Medical Center INCFY2024$1.0M

Fidelity Investments Charitable Gift FundFY2024$461K

Donor Advised Charitable Giving INCFY2024$111K

Frank E Murphy Charitable FoundationFY2024$100K

The R C Durr Foundation INCFY2024$100K

The Yung Family FoundationFY2024$100K

Ruth M Meyer FoundationFY2024$80K

Horizon Community Funds of Northern Kentucky INCFY2024$57K

Total grants receivedfrom 25 funders$2.3M

See all 25 funders →

Grants paid · 6 grants · $149.2M · 2019–2024

Unitemized GrantFY2024$28,733,938

Unitemized GrantFY2023$26,790,617

Unitemized GrantFY2022$25,554,297

Unitemized GrantFY2021$24,053,615

Unitemized GrantFY2020$23,007,630

Unitemized GrantFY2019$21,072,105

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$83.2M

Ln 12

Fees for servicesLn 2g$56.9M

Gifts and grantsLn 1h$20.0M

Investment incomeLn 3$5.9M

Money outPt IX

$67.8M

Ln 25

Programscol B$53.1M

Managementcol C$13.4M

Fundraisingcol D$1.3M

Owns and owesPt X

$69.5M

net assets · Ln 32

Total assetsLn 16$126.8M

LiabilitiesLn 26$57.4M

PeoplePt VI, VII

30

listed · VII A

PaidVII A8

Voting boardVI 1a23

IndependentVI 1b22

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$20.0M

Government grantsLn 1e$87K

Noncash giftsLn 1g$17.4M

Fundraising eventsLn 1c$26K

Fees for servicesLn 2g$56.9M

Investment incomeLn 3$5.9M

Other incomeLn 4–11$427K

Gains on assetsLn 7$5.2M

Total revenueLn 12$83.2M

Assets in detailPt X, end of year

InvestmentsLn 11–13$52.1M

Land, buildings, equipmentLn 10c$55.9M

Other assetsLn 15$11.4M

Total assetsLn 16$126.8M

LiabilitiesLn 26$57.4M

Net assetsLn 32$69.5M

OperationsPt I, VI

EmployeesI 5834

VolunteersI 6100

Fiscal year endsHeaderMay

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3More from this return

Abroad and in kindSch F, M

Noncash gifts receivedSch M Pt I$17.4M

EndowmentSch D · Pt V

Line	FY25	FY24	FY23	FY22	FY21
End of yearLn 1g	$45.2M	$36.5M	$33.2M	$34.3M	$36.8M
Given inLn 1b	$6.6M	$265K	$826K	$1.1M	$1.9M
SpentLn 1d–1f	$1.4M	$1.4M	$1.1M	$1.1M	$960K

4Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
InvestmentsLn 11–13	$46.5M	$52.1M
Land, buildings, equipmentLn 10c	$47.0M	$55.9M
Total assetsLn 16	$109.0M	$126.8M
LiabilitiesLn 26	$52.0M	$57.4M
Net assetsLn 32	$57.0M	$69.5M

5Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$28.7M	$28.7M
Pay of current officers, directors and key staffLn 5	$565K	$384K	$154K	$27K
Other salaries and wagesLn 7	$14.1M	$9.6M	$3.8M	$672K
Other employee benefitsLn 9	$2.8M	$1.9M	$772K	$135K
Payroll taxesLn 10	$1.4M	$973K	$390K	$68K
Other fees for servicesLn 11g	$2.6M	$495K	$1.9M	$176K
Advertising and promotionLn 12	$851K	$479K	$358K	$14K
Information technologyLn 14	$672K	$100K	$572K
OccupancyLn 16	$1.8M	$44K	$1.8M
TravelLn 17	$1.6M	$1.1M	$452K
InterestLn 20	$2.0M	$1.5M	$442K	$9K
Depreciation, depletion and amortizationLn 22	$2.7M	$2.3M	$385K	$21K
InsuranceLn 23	$764K	$354K	$410K
Other expenses (24a–d)Ln 24	$4.8M	$3.9M	$759K	$85K
All other expensesLn 24e	$2.4M	$1.1M	$1.2M	$118K
Total functional expensesLn 25	$67.8M	$53.1M	$13.4M	$1.3M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest ViewingFiled with the IRS Apr 6, 2026	$83.2M	$67.8M	$15.4M	$69.5M	990 PDF
FY2024Filed with the IRS Apr 10, 2025	$57.6M	$62.5M	−$4.9M	$57.0M	990 PDF
FY2023Filed with the IRS Mar 21, 2024	$65.6M	$60.1M	$5.4M	$60.9M	990 PDF
FY2022Filed with the IRS Mar 15, 2023	$65.9M	$59.6M	$6.3M	$57.3M	990 PDF
FY2021Filed with the IRS Mar 12, 2022	$64.1M	$54.1M	$10.1M	$55.8M	990 PDF
FY2020Filed with the IRS Mar 18, 2021	$54.1M	$54.0M	$147K	$40.4M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $83,169,756 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $3,076,771$19,979,895

I-9 Program service revenuePrior year $53,057,850$56,877,749

I-10 Investment incomePrior year $1,115,535$5,884,913

I-11 Other revenuePrior year $384,147$427,199

I-12 Total revenuePrior year $57,634,303$83,169,756

I-13 Grants and similar amounts paidPrior year $26,790,617$28,733,938

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $18,813,814$18,922,972

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $16,936,356$20,125,621

I-18 Total expensesPrior year $62,540,787$67,782,531

I-19 Revenue less expensesPrior year −$4,906,484$15,387,225

Part VI · Governance 22 of 23 board members independent, no flags

VI-1a Voting members of the governing body23

VI-1b Independent voting members22

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $83,169,756 across 11 lines filed

VIII-1c Fundraising events$26,225

VIII-1e Government grants$86,669

VIII-1f All other contributions, gifts and grants$19,867,001

VIII-1g Noncash contributions (included above)$17,397,965

VIII-1h Total contributions, gifts and grants$19,979,895

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $56,877,749$56,877,749

VIII-3 Investment incomeUnrelated business $168,830 · Excluded from tax $497,282$666,112

VIII-6 Net rental income or lossUnrelated business $207,545 · Excluded from tax $224,458$432,003

VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,218,801$5,218,801

VIII-8 Net income from fundraising eventsExcluded from tax −$4,804−$4,804

VIII-12 Total revenueRelated to mission $56,877,749 · Unrelated business $376,375 · Excluded from tax $5,935,737$83,169,756

Part IX · Statement of functional expenses $67,782,531 across 15 lines filed

IX-2 Grants to domestic individualsPrograms $28,733,938$28,733,938

IX-5 Pay of current officers, directors and key staffPrograms $383,884 · Management $153,954 · Fundraising $26,945$564,783

IX-7 Other salaries and wagesPrograms $9,579,884 · Management $3,841,955 · Fundraising $672,413$14,094,252

IX-9 Other employee benefitsPrograms $1,924,875 · Management $771,960 · Fundraising $135,107$2,831,942

IX-10 Payroll taxesPrograms $973,329 · Management $390,348 · Fundraising $68,318$1,431,995

IX-11g Other fees for servicesPrograms $494,738 · Management $1,887,319 · Fundraising $175,774$2,557,831

IX-12 Advertising and promotionPrograms $478,892 · Management $357,734 · Fundraising $13,913$850,539

IX-14 Information technologyPrograms $99,910 · Management $571,867$671,777

IX-16 OccupancyPrograms $44,025 · Management $1,796,134$1,840,159

IX-17 TravelPrograms $1,101,913 · Management $451,662$1,553,575

IX-20 InterestPrograms $1,533,984 · Management $441,921 · Fundraising $8,641$1,984,546

IX-22 Depreciation, depletion and amortizationPrograms $2,306,511 · Management $385,004 · Fundraising $21,497$2,713,012

IX-23 InsurancePrograms $354,194 · Management $410,273$764,467

IX-24 Other expenses (24a–d)Programs $3,913,549 · Management $758,953 · Fundraising $84,845$4,757,347

IX-24e All other expensesPrograms $1,134,494 · Management $1,179,837 · Fundraising $118,037$2,432,368

IX-25 Total functional expensesPrograms $53,058,120 · Management $13,398,921 · Fundraising $1,325,490$67,782,531

Part X · Balance sheet $126,843,899 assets, 16 lines filed

Asset lines not itemized here account for $300,982; see the IRS return.

X-3 Pledges and grants receivableStart of year $5,263,550$3,599,681

X-4 Accounts receivableStart of year $3,597,095$2,725,649

X-9 Prepaid expenses and deferred chargesStart of year $843,302$811,673

X-10c Land, buildings and equipment, netStart of year $47,025,699$55,911,711

X-11 Publicly traded securitiesStart of year $35,824,802$41,552,352

X-12 Other securitiesStart of year $10,693,111$10,529,941

X-15 Other assetsStart of year $5,535,141$11,411,910

X-16 Total assetsStart of year $108,985,905$126,843,899

X-17 Accounts payable and accrued expensesStart of year $5,628,227$3,840,938

X-19 Deferred revenueStart of year $1,942,883$3,120,878

X-25 Other liabilitiesStart of year $6,644,086$10,961,680

X-26 Total liabilitiesStart of year $52,001,105$57,376,084

X-27 Net assets without donor restrictionsStart of year $15,402,549$18,879,858

X-28 Net assets with donor restrictionsStart of year $41,582,251$50,587,957

X-32 Total net assets or fund balancesStart of year $56,984,800$69,467,815

X-33 Total liabilities and net assetsStart of year $108,985,905$126,843,899

Part XI · Reconciliation of net assets $69,467,815 net assets at year end

XI-1 Total revenue$83,169,756

XI-2 Total expenses$67,782,531

XI-3 Revenue less expenses$15,387,225

XI-4 Net assets at start of year$56,984,800

XI-5 Net unrealized gains (losses) on investments−$2,478,388

XI-7 Investment expenses−$110,450

XI-9 Other changes in net assets−$315,372

XI-10 Net assets at end of year$69,467,815

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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